Proposed regulations under section 4944(c) of the Code provide guidance to private foundations on program-related investments. Private foundations generally are subject to excise taxes on investments that jeopardize the carrying out of their exempt purposes. However, program-related investments are excepted from the tax on jeopardizing investments. The proposed regulations add nine new examples that illustrate that a wide range of investments qualify as program-related investments than the range currently presented in regulations section 53.4944-3(b).